“NAMA’s appointed management company have sent someone out to cut the grass but we’ve had nothing else happen in terms of getting street lights. “We even had to fight to get someone out to collect our bins, and that’s despite the fact we pay quite high rates,” confirmed Mrs Kiernan. While issues such as bin collection and landscaping may sound frivolous, more concerning are aspects of safety. With gaping holes in the street, not to mention unfinished pavements and no street lights, accidents are a major concern” Life on a NAMA estate in county Armagh, reported by the Ulster Gazette
For political and economic reasons, much attention is focussed on the Northern Ireland dimension of NAMA’s operations. According to the press release that marked last Friday’s meeting of the North South Ministerial Council, there was discussion of NAMA but alas the press release doesn’t provide any further details. It would seem that the re-appointment of Frank Cushnahan and Brian Rowntree – profiles and photographs here – to NAMA’s Northern Ireland Advisory Committee did come up, as today NAMA has announced the duo have been re-appointed for a further two years until April 2014, the tenure of their first term having apparently expired. The re-appointments followed consultation between NAMA and Minister for Finance, Michael Noonan and the Northern Ireland finance minister, the sometimes-bohemian Sammy Wilson.
There is still no news on the search for a non-executive director to replace Peter Stewart who resigned from the NAMA board last October 2011, and the vacancy for which the Department of Finance advertised with a closing date for applications of 6th March, 2012. The Department is responsible for filling director roles at the Agency.
It would appear from the recent Comptroller and Auditor General report on NAMA’s asset management phase that our neighbours across the Border have been getting their way, with NAMA disposing of a proportionately small number of Northern Irish properties, thereby avoiding fire sales presumably. On the other hand, it would appear that Northern Ireland is getting a proportionately small amount of NAMA investment funds.
We had a reminder last week in the Ulster Gazette that ghost estates are not just a Republic phenomenon, when the Gazette reported on a NAMA estate, Limestone Square on Rock Road in county Armagh, a Sam Thompson development, The report painted a picture of woeful neglect which corresponds to the picture of such estates on this side of the Border, though we know that NAMA has set aside specific funds here to complete the construction including estate lighting and footpaths. Seems like those re-appointed Northern Ireland representatives may need to give NAMA a nudge…
Thompson is BK,NAMA cant be expected to micro manage each of its assets in NI,it outsourced it to RSM,who also advise borrowers in NAMA !
Its RSM’s responsibility,as NAMA’s agent to secure the property and provide a safe environment for the residents,unless NAMA denied funding requests?
“NAMA Properties in Receivership
RSM McClure Watters act for NAMA on a number of assignments.
For any queries relating to the published listing of NAMA Properties in Receivership please address all correspondence to properties@rsmmcw.com”
“To date our Property team has undertaken the review of a number of NAMA Business Plans including a number of the Top 30 borrowers.
Our Property team also has extensive experience in advising developers and property owners in the preparation of their business plans for submission to banks and NAMA.”
http://rsmmcw.com/site/General.aspx?x=78&z=95
Perhaps,Ronnie Hanna x Ulster bank now at NAMA can shed some light on the situation,they were one of Thompson’s biggest backers.
“The companies of Sam Thompson, who built luxury houses in Co Down, and Peter Dolan, who owned commercial property in Northern Ireland and abroad, have both faced enforcement action as business plans could not be reached.
Both individuals have also been declared bankrupt.
The Nama spokesman said that where enforcement action has been taken, “the management of these portfolios has passed to a receiver or administrator and they are paid an appropriate fee according to Nama’s agreed rates”.
Read more: http://www.belfasttelegraph.co.uk/business/business-news/nama-paying-developers-in-debt-to-get-best-value-16172714.html#ixzz1y9wK796m
The Telegraph have messed up here. There has been no action against MAR. I’m sure m’learned friends will put them right.
@JP I remember reading something about a sub and BoSI,you or NWL may have posted it.But the auditors have some concerns too.Perhaps,The Telegraph should be called The Telephatic,the numbers don’t look too good.
http://www.bbc.co.uk/news/uk-northern-ireland-15280052
Ah yes I forgot about the BoSI pubs.
At least Sammy is happy,NAMA kick-starting the NI market,another big day out for Frank and the boys in Belfast.NAMA has now confirmed that staple financing is available in NI,London next?
“Sammy Wilson said: “I was pleased that NAMA is making significant finance available both in the form of lending to Northern Ireland debtors for the development of existing sites and in terms of vendor finance for potential buyers of commercial property.”
http://www.northernireland.gov.uk/print/index/media-centre/news-departments/news-dfp/news-dfp-18062012-finance-minister-sammy.htm
Is it possible that Frank traveled ALL the way to Belfast on Monday,at the Irish Taxpayers expense and DID not meet anyone other than Sammy Wilson,now that’s not very inclusive is it !!!
Here is a pic. from one his prior jaunts up north,did Martin not make the cut this time or was it a private meeting with Wilson ?
http://www.flickr.com/photos/niexecutive/5511549879/
Why does the Irish Taxpayer have to find out about these meetings via the British Govt. press office,were no representatives of the other parties in NI available,or did NAMA not bother to invite them.
Perhaps,that excellent TD Pearse Doherty would be so kind as to ask NAMA who they met up North and why no representatives of the other parties were included.
http://www.tweetstormont.com/wilson-meets-nama-chairman-in-belfast/